AMP LIMITED — Major Shareholding Notification 2009

Jul 8, 2009

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Date: 9th July 2009 The Manager Listings Department Australian Stock Exchange Limited No. of Pages (incl.): 4

NOTICE OF INITIAL SUBSTANTIAL HOLDER

Dear Sir/Madam,

Pursuant to Section 671B of the Corporations Law, AMP Limited discloses a substantial holding in PANAUST LIMITED.

The enclosed ASIC Form 603 discloses all required details.

Yours faithfully,

Glen Moran Head of Corporate Actions BNP Paribas Securities Services Phone: 02 9222 0091

BNP PARIBAS FUND SERVICES AUSTRALASIA PTY LTD Level 6 60 Castlereagh Street Sydney NSW 2000 Australia PO BOX R209 Royal Exchange NSW 1225 Australia Tel: +61 2 9222 0000 - Fax: +61 2 9222 0255

ABN 71 002 655 674

Form 603 Corporations Law Section 671B Notice of Initial Substantial Holder

To: PANAUST LIMITED ACN/ARSN: 17 011 065 160

1. Details of substantial holder

Name: AMP Limited (ACN 079 354 519) and its related bodies corporate.

The holder became a substantial holder on 7th July 2009

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate had a relevant interest on the date the substantial holder became a substantial holder are as follows:

Class of securities	Number of Securities	Persons’ votes	Voting power
Fully Paid Ordinary Shares	121,162,481	121,162,481		5.16%

3. Details of relevant interests

The nature of relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interests	Class and number of securities	Person's votes affected
AMP Life Limited ("AMP Life")	AMP Life is entitled to be the registered holder of the class and number of securities listed beside its name. AMP Life is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Ordinary Shares: 46,901,049	46,901,049
AMP Capital Investors Limited ('AMP Capital')	AMP Capital, in its capacity as the investment manager for the persons or trusts listed besides its name in Paragraph 4, has the power to control voting and/or the disposal of securities. AMP Capital is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Ordinary Shares: 65,903,901	65,903,901
AMP Capital Investors Limited as Responsible Entity of the Future Directions Australian Smaller CompaniesFund	AMP Capital Investors Limited is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Ordinary Shares: 2,145,775	2,145,775
AMP Capital Investors Limited as Future Directions Australian Share Fund	AMP Capital Investors Limited is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Ordinary Shares: 817,304	817,304
AMP Capital Investors Limited as Future Directions Australian SmallCompaniesFund	AMP Capital Investors Limited is a controlled body corporate of AMP Limited within the meaning of Section 608(3) ofthe CorporationsLaw	Fully Paid Ordinary Shares: 5,069,768	5,069,768
AMP Capital Investors Limited as Responsible Investment Leader Australian Share Fund	AMP Capital Investors Limited is a controlled body corporate of AMP Limited within the meaning of Section 608(3)of the Corporations Law	Fully Paid Ordinary Shares: 324,684	324,684

Total: 121,162,481

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Class and number of securities	Person’s votes affected
AMP Life Limited	AMP Life Limited	AMP Life Limited	Fully Paid Ordinary Shares: 46,901,049	46,901,049
AMP Capital Investors Limited	Cogent Nominees Pty Limited	Cogent Nominees Pty Limited	Fully Paid Ordinary Shares: 25,433,732	25,433,732
	Cogent Nominees Pty Limited	Cogent Nominees Pty Limited	Fully Paid Ordinary Shares: 16,353,477	16,353,477
	Citicorp Nominees Pty Limited	Stichting Pensionfonds Hoogovens	Fully Paid Ordinary Shares: 250,000	250,000
	Goldman Sachs	AMP Capital Investors Australian Equity Long ShortFund	Fully Paid Ordinary Shares: 587,387	587,387
	JP Morgan Nominees AustraliaLimited	Stichting Pensionfonds ABP	Fully Paid Ordinary Shares: 1,165,771	1,165,771
	JP Morgan Nominees AustraliaLimited	LAMP	Fully Paid Ordinary Shares: 5,711,878	5,711,878
	JP Morgan Nominees AustraliaLimited	QLD Local Government Superannuation Board	Fully Paid Ordinary Shares: 311,336	311,336
	JP Morgan Nominees AustraliaLimited	State Authority SuperannuationScheme	Fully Paid Ordinary Shares: 11,168,277	11,168,277
	National Nominees Pty Limited	Government Employees Superannuation Board	Fully Paid Ordinary Shares: 2,220,540	2,220,540
	National Nominees Pty Limited	Commonwealth Bank Officers Superannunation Corporation Pty Ltd as trustee for the Officers' Superannuation Fund	Fully Paid Ordinary Shares: 2,701,503	2,701,503
AMP Capital Investors Limited as Responsible Entity of the Future Directions Australian Smaller CompaniesFund	Cogent Nominees Pty Limited	AMP Capital Investors Limited	Fully Paid Ordinary Shares: 2,145,775	2,145,775
AMP Capital Investors Limited as Future Directions Australian ShareFund	Cogent Nominees Pty Limited	AMP Capital Investors Limited	Fully Paid Ordinary Shares: 817,304	817,304
AMP Capital Investors Limited as Future Directions Australian SmallCompaniesFund	Cogent Nominees Pty Limited	AMP Capital Investors Limited	Fully Paid Ordinary Shares: 5,069,768	5,069,768
AMP Capital Investors Limited as Responsible Investment Leader AustralianShareFund	Cogent Nominees Pty Limited	AMP Capital Investors Limited	Fully Paid Ordinary Shares: 324,684	324,684
	Total: 121,162,481

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration	Class and number of securities
AMP Capitial Investors Limited	7-May-2009 to 7-Jul-2009	$2,129,710.03	Full Paid Ordinary Shares 6,834,590
AMP Life Limited	5-May-2009 to 7-Jul-2009	$12,348,303.42	Full Paid Ordinary Shares 35,483,260
Cogent Nominees PtyLimited	3-Apr-2009 to 29-Jun-2009	$4,348,404.94	Full Paid Ordinary Shares 12,363,330
Cogent Nominees Pty Limited	6-May-2009 to 7-Jul-2009	$6,239,005.62	Full Paid Ordinary Shares 18,031,180
Commonwealth Bank Officers Superannunation Corporation Pty Ltd A/T for the Officers' Superannuation Fund.	9-Jun-2009 to 7-Jul-2009	$375,451.01	Full Paid Ordinary Shares 1,196,419
Government Employees Superannuation Board	9-Jun-2009 to 29-Jun-2009	$520,011.16	Full Paid Ordinary Shares 1,508,280
LAMP	1-Apr-2009 to 9-Jun-2009	$793,899.04	Full Paid Ordinary Shares 2,568,423
Queensland Local Government Superannuation Board	9-Jun-2009 to 29-Jun-2009	$80,047.95	Full Paid Ordinary Shares 230,061
State Authority Superannuation Scheme	6-May-2009 to 9-Jun-2009	$4,039,634.69	Full Paid Ordinary Shares 11,168,278
StichtingPensioenfolds - ABP	22-Jun-2009 to 24-Jun- 2009	$419,020.16	Full Paid Ordinary Shares 1,165,771
Stichting Pensioenfolds Hoogovens	22-Jun-2009 to 29-Jun- 2009	$89,521.56	Full Paid Ordinary Shares 250,000

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN (if applicable) Nature of association AMP Life Limited (ACN 079 300 Related bodies corporate of AMP Limited under Part 1.2 of the Corporations Law. 379) AMP Capital Investors Limited Related bodies corporate of AMP Limited under Part 1.2 of the Corporations Law. (ACN 001 777 591)

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
AMP Life Limited	Level 24, 33 Alfred Street, Sydney NSW 2000
AMP Capital Investors Limited	Level 22, 33 Alfred Street, Sydney NSW 2000
Cogent Nominees Pty Limited	Level 6, 60 Castlereagh Street, Sydney NSW 2000
Commonwealth Bank Officers Superannuation Corporation	9th Floor, 48 Martin Place, Sydney NSW 2000
Government Employee Superannuation Board	PO Box J755, Perth WA 6842
JP Morgan Nominees Australia Limited	259 George Street, Sydney NSW 2000
National Nominees Pty Limited	271 Collins Street, Melbourne VIC 3000
QLD Local Government Superannuation Board	Of GPO Box 264, Brisbane QLD 4001
State Authority Superannuation Scheme	Level 14, 83 Clarence Street, Sydney NSW 2000
Stichting Pensioenfonds Hoogovens	PO Box 10,000, 1970 CA IJmuiden, The Netherlands
Stichting Pensioenfonds ABP	PO Box 10,000, 1970 CA IJmuiden, The Netherlands

This Initial Substantial Holder Notice (ASIC Form 603) comprises 3 page/s in total.